Property is Free and Clear
34% LTV 75% LTC
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Hey there! So, there's this cool project happening in Everett, Washington, where they're planning to build eight single-family homes with accessory dwelling units (ADUs) using modular units. The idea is to tackle high construction costs and make the project financially viable.
Loan Request and Financial Overview
They're asking for a loan of $2,285,720, and MDC is putting in $1,728,000 of their own money. The 8 homes are expected to be worth $6,800,000
Project Description
The project is spread across 60,000 sq. ft.
The homes will be sold for $850,000 each, which is justified by the high construction costs and median sales prices in the area.
Management Team
MDC is led by 30+ years of experienced professionals in residential development and modular construction. They've got the skills to manage this project efficiently.
Full Package, including plans, permits, PFS, and credit report of the 3 partners, is available upon request.
